Several years ago the Council of the Borough of Parkesburg realized they would soon be in need of a new home for the Police and the administrative operations of the Borough. A decision was made that these operations should remain on
The first tenant to sign up for the new building complex was the District Court. This office was formerly located on
The District Court moved into the new facility in late fall of 2006. The Police moved in shortly after this in November of 2006. Finally, the Borough administrative offices moved in in December 2006. In the beginning of 2007 the finance committee and property committee began to explore the financial feasibility of purchasing the new GSC building. It was determined by these two committees that a purchase of the building would not only be feasible, but also would lower costs significantly and allow the borough to accrue equity in the property over time.
The Borough Council unanimously approved moving forward with the purchase of the building in early 2007 and also to explore transfer of the old Borough Hall to the Parkesburg Fire Company after the completion of the purchase of the new building.
The negotiations were a very lengthy process and many outstanding issues had to be resolved to clear the way for purchase of the building. The vacant lot the Borough owned across the street from the new building was sold to assist in financing the purchase. Rent from the District Court is also expected to reduce costs by nearly 2 million dollars over the 20 year term of the purchase agreement.
The purchase of the new property was completed in July 2007 and is now the property of the Borough of Parkesburg.Additional Pictures:
1 comment:
That is great that the borough now is the proud owner of the GSC.
What is the monthly mortgage payment vs. the rental payment that borough was paying to Keystone?
Is the Distict Court paying a fair monthly rent for the space that they occupy?
Is the police department being charged a fair monthly rent towards their budget line on the financial statement?
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